Navigating the political economy – lessons from OECD
BIOFIN teams need to be very conscious of issues pertaining to the political economy of each finance solution, especially when dealing with areas related to vested interests, such as reforming harmful subsidies or introducing new taxes. OECD analysis highlights the importance of exploiting time-bound windows of opportunity, for example in relation to popular news, a national crisis or when a new government takes office. Other strategies to engage with a country’s political economy include:
- Forge alliances between finance and biodiversity groups;
- Base campaigns on robust data and evidence;
- Develop a strategy to address vested interests; and
- Build broad and durable support.
Source: The Political Economy of Biodiversity Policy Reform (OECD, 2017).